Israel's subsequent bombardment of Gaza in a bid to eliminate Hamas has increased the risk of a spillover to the wider Middle East region.
Israeli President Isaac Herzog said Tuesday that while Israel does not want a war with Lebanese militant group Hezbollah, which has recently exchanged fire with Israeli armed forces in the north of the country, Lebanon will "pay the price" if the two countries end up in a full-scale altercation.
"For economies that are already in or heading for recession, further hikes from the Fed and the ECB could tip them over the edge," Thaker told CNBC via videolink. "On top of that, a rise in uncertainty over supplies from Saudi Arabia may easily see prices surge to the same extent as they did in response to the Ukraine invasion in 2022. Back then oil prices gained 30% in a matter of two weeks before settling at around 15% above pre-war levels," said J. Safra Sarasin Equity Strategist Wolf von Rotberg.
"In the typical CPI basket, energy's around roughly 10% in EMs. In the U.S., it is 6.9%, so obviously there's a higher impact on inflation and also, a lot of emerging markets have become net energy importers," Oliveros-Rosen told CNBC at a press briefing last week. "Countries that do not have well anchored inflation expectations, this new round of higher energy prices might spill over and we might have a partial repeat of what we went through over the last couple of years."
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